XML 24 R14.htm IDEA: XBRL DOCUMENT v3.22.4
(Loss) Earnings Per Share
 3 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
(Loss) Earnings per Share EARNINGS (LOSS) PER SHARE
In accordance with ASC Topic 260, “Earnings Per Share,” the Company has presented basic and diluted earnings (loss) per share for both continuing and discontinued operations. Basic earnings (loss) per share is based on the average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share is based on the average number of shares used for the basic earnings (loss) per share calculation, adjusted for the dilutive effect of stock options, stock appreciation rights and restricted stock units using the “treasury stock” method and convertible senior notes using the “if converted” method.
Remeasurements to the redemption value of the redeemable NCI are recognized as a deemed dividend (see Note 4). The Company has made an election to treat the portion of the deemed dividend that exceeds fair value as an adjustment to income available to common shareholders for basic and diluted earnings (loss) from continuing operations per share. In addition, dilutive net earnings from continuing operations was adjusted for interest expense, net of tax, related to the Company’s convertible senior notes, and dilutive net earnings from discontinued operations was adjusted for the Company’s share of Old BellRing’s consolidated net earnings prior to the BellRing Spin-off, to the extent it was dilutive. Net earnings (loss) from continuing operations was utilized as the “control number” to determine whether potential shares of common stock were dilutive or anti-dilutive.
The following table sets forth the computation of basic and diluted earnings (loss) per share for both continuing and discontinued operations.
Three Months Ended
December 31,
20222021
Net Earnings (Loss) from Continuing Operations
Net earnings (loss) from continuing operations
$91.9 $(44.7)
Impact of redeemable NCI5.7 4.9 
Net earnings (loss) from continuing operations for basic earnings (loss) per share
$97.6 $(39.8)
Impact of interest expense, net of tax, related to convertible senior notes2.7 — 
Net earnings (loss) from continuing operations for diluted earnings (loss) per share
$100.3 $(39.8)
Net Earnings from Discontinued Operations
Net earnings from discontinued operations for basic earnings per share$— $23.9 
Dilutive impact of Old BellRing net earnings from discontinued operations
— — 
Net earnings from discontinued operations for diluted earnings per share$— $23.9 
Net Earnings (Loss)
Net earnings (loss) for basic earnings (loss) per share
$97.6 $(15.9)
Net earnings (loss) for diluted earnings (loss) per share
$100.3 $(15.9)
shares in millions
Weighted-average shares for basic earnings (loss) per share
58.8 62.5 
Effect of dilutive securities:
Stock options0.4 — 
Restricted stock units0.7 — 
Market-based performance restricted stock units0.4 — 
Earnings-based performance restricted stock units0.1 — 
Shares issuable upon conversion of convertible senior notes5.4 — 
Total dilutive securities7.0 — 
Weighted-average shares for diluted earnings (loss) per share
65.8 62.5 
Earnings (Loss) from Continuing Operations per Common Share:
Basic$1.66 $(0.64)
Diluted$1.52 $(0.64)
Earnings from Discontinued Operations per Common Share:
Basic$— $0.38 
Diluted$— $0.38 
Earnings (Loss) per Common Share:
Basic$1.66 $(0.25)
Diluted$1.52 $(0.25)
The following table details the securities that have been excluded from the calculation of weighted-average shares for diluted earnings (loss) per share for both continuing and discontinued operations as they were anti-dilutive.
Three Months Ended
December 31,
shares in millions20222021
Stock options— 0.8 
Stock appreciation rights— 0.1 
Restricted stock units0.2 0.8 
Market-based performance restricted stock units0.2 0.1